What is Gratuity ? How can Calculate Gratuity ?
The Payment of Gratuity Act, 1972
Payment of Gratuity Act, 1972. An Act to provide for a scheme for the payment of gratuity to employees engaged in factories, mines, oilfields, plantations, ports, railway companies, shops or other establishments and for matters connected therewith or incidental thereto.
In India gratuity is a type of retirement benefit. It is a payment made with the intention of helping an employee monetarily after his retirement.
Payment of Gratuity Act, 1972 - Chief Labour Commissioner
The Payment of Gratuity Act, 1972 has divided non-government employees into two categories. Gratuity is given by the employer to his/her employee for the services rendered by him during the period of employment. It is usually paid at the time of retirement but it can be paid before provided certain conditions are met.
The Payment of Gratuity Act, 1972 (the Gratuity Act) is applicable to employees engaged in factories, mines, oilfields, plantations, ports, railway companies, shops or other establishments with ten or more employees.
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